3 Retirement Trends to Watch in 2024

Many of us have a picture of what the average retiree looks like, but the way people view retirement and how they want to spend their golden years is changing in some ways. These three trends might shed some light on what to expect in retirement and how to plan ahead:

1. Life keeps getting better. Retirement might be the end of your working years, but it also represents a beginning in a lot of ways. A survey conducted by research firm Age Wave found that 71% of people who are 65 or older feel that they are living the best time of their life now or the best times are still in front of them.

2. Wellness means more than youthfulness. We spend a lot of time, and often money, chasing youth. But attitudes are changing in retirement. People want more than just youth; they want overall wellness.

For example, 83% of people who responded to the Age Wave survey said it is more important to feel useful in retirement. Just 17% said it was more important to feel youthful.

3. Longevity leads to new financial needs. How long will your retirement funds last? That can be a tough question to answer, and many people are underestimating their longevity.

With the possibility of living well into your 80s, 90s and beyond, people need to consider how much they need to save to cover not only their basic living expenses but also the additional health care expenses that become increasingly necessary with age.

Retirement trends may be shifting, but saving and planning remain essential. Get in touch if you’d like to talk to a professional about building a retirement plan that works for you.